A Look at Hybrid Work for Small and Midsized Law Firms
We are going on our third year living with Covid-19 and some of the early predictions about a hybrid work/office model are starting to become reality. But the truth is, this reality looks different for almost every law firm and is heavily influenced by personal preference, type of law practiced, and individual situations.
Recent events in the shared office space realm compel me to update this article with a couple of very important points that were not mentioned originally. Today I met with an attorney who was originally introduced to me more than three years ago when he was considering changing his office space.
Even if you’re not in the market to sell your law firm, there are several reasons to value your firm such as a possible firm merger, securing loan financing, the addition of new partners, and other business and personal matters such as your succession/exit strategy.
As most of the world is emerging from the pandemic and trying to figure out what the new normal will look like, many law firms and professional organizations are moving to a hybrid work environment.
Recently I was reading an article about a first grader that noticed his father was having difficulty with the car radio, so he explained to his father he should reverse-engineer it. It seems law firms would be well-served to apply the same thinking this first grader used with his father’s car radio to their business operations.
In the past, law firms were known for sprawling offices, where even the most junior associates had their own private workspace. That changed as larger firms adopted standard-size offices, open floor plans and clustered workstations, and a growing cadre of lawyers — particularly solo practitioners — moved to shared offices.
Small businesses are resilient, and resilience is especially important in challenging times such as these. This type of strength and agility relies, in part, on good business instincts. But it also depends on a clear understanding of the measures that may impact results.
Did you know that employee turnover is costing your firm money every year? Click through to see how this high cost is affecting your law firm and what you can do about it.
Most people know what the word “downsizing” means. There may be job cuts or layoffs and, ultimately, employees will be out of work. If downsizing means releasing employees, what does “right-sizing” mean? Click through to lean more and see how this process could help your law firm succeed.
If your firm is thinking about a merger or acquisition, you need to consider multiple aspects of this process. Even if you’re not ready to merge just yet, it’s prudent to understand what information a potential partner will want to review. Click through for an introduction to law firm mergers.